Responding to increasing global concerns over rising oil issue, Saudi Arabian Oil minister has recently stated that his country is producing enough oil to meet requirements. Speaking to local press, Saudi Arabia's Oil Minister Ali al-Naimi said Saudi Arabia and other OPEC countries are producing surplus oil.

Naimi further added that alone his country has a surplus of 4 million barrels a day. Though, he did not made it clear whether Saudi Arabia is already producing surplus oil or has a capacity to meet this requirement. Libya issue rose concern for policy makers all around world for oil pricing. Recently, 87 countries signed a charter that aims at controlling oil price fluctuations and having a more stable crude oil market. Saudi Arabia also signed the charter.

World over concern arrived when oil prices rose 6% over the fears of Libya issue, that if something similar episode follows other oil exporting countries, oil prices may go even higher.

Saudi Arabian oil minister tried to clarify the country's stand about oil pricing and pacify the speculation world over about the oil price rise, with his statement. Peter Beutel commented to CNN about the issue, "This thing is getting worse and worse and worse, and it could spread to Saudi Arabia, and that's the big fear." Beutal is an oil analyst with energy risk management firm Cameron Hanover.

World wide concern over Saudi Arabia's internal issue is justifiable as the country produces 8.4 million barrels a day, eight times higher than Libya's production. Saudi Arabia's contribution to world oil production stands about
10%.

However Energy bodies across world are preparing to face any crisis. The International Energy Agency based in Austria informed that it stands ready, as always, to make oil available to the market in the event of a major supply disruption if alternative supplies cannot readily be made available via normal market mechanisms.

And OPEC also had its emergency meeting to make sure enough oil production in case of any crisis. So, looking at global concerns, a convincing statement by Suadi Arabian minister does not seem sufficient.